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SATURDAY, NOVEMBER 21, 2009
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NEWS ABOUT: FDIC

FDIC stories: 58 news summaries

1 - 20 of 58 Stories | 1 2 3 Next >>

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 Danger Signs 
 Ignored at 
 Failed Banks 

Regulators knew loans were toxic but didn't act

Nov 19, 09 3:43 AM CST
(Newser) - "Post-mortems" on banks that failed during the financial crisis are exposing serious misjudgment by state and federal regulators. Inspectors-general are finding at bank after bank that regulators were aware that risky and potentially toxic loans were being made while the economy was booming, but failed to take action, the... More »

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FDIC • bank failure • bank regulation • banking industry • Sheila Bair

Dodd Unveils Sweeping Financial Overhaul Bill

It would create new oversight agencies

Nov 10, 09 2:41 PM CST
(Newser) - Chris Dodd introduced a sweeping financial regulation bill that creates no fewer than three new agencies to oversee the banking industry. Dodd’s bill creates an Agency for Financial Stability to identify systemic risks to the economy as a whole. It entrusts all bank supervision to the Financial Institutions Regulatory... More »

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Senate • Federal Reserve • Chris Dodd • Senate Finance Committee • FDIC • bank regulation

  Dodd Declares War With 
  Senate Bank Bill  

Senator readies radical overhaul of finance regulation

Nov 5, 09 7:34 AM CST
(Newser) - A Senate bill that would fundamentally change the structure of banking regulation is headed for a clash with both the House and the White House. Christopher Dodd is readying a proposal to strip the Fed and FDIC of almost all bank-supervision powers, creating in their place a new agency that... More »

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Senate • Federal Reserve • Chris Dodd • FDIC • bank regulation

Sorry, FDIC Can't Guarantee Interest on That CD 

When selling failed banks, Feds allow buyers to slash expected payout

Nov 4, 09 9:38 AM CST
(Newser) - There’s a little-publicized part of your bank deposit the FDIC doesn’t insure, and it’s driving scrupulous savers up the wall. The logic is simple enough: When the FDIC takes over a failed bank and resells its assets, it allows buyers to alter interest rates, particularly on CDs.... More »

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CDs • certificates of deposit • FDIC • bank failure • interest rates • assets • life savings

 Feds Close 9 More Banks  

Failures, mostly in west, bring total to 115

Oct 31, 09 7:14 AM CDT
(AP) - Regulators have shut California National Bank of Los Angeles and eight smaller related banks as the weak economy continues to produce a stream of loan defaults. The banks closed yesterday by the FDIC were in California, Illinois, Texas and Arizona. They were divisions of privately held FBOP Corp., a bank... More »

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FDIC • banks • loan defaults

 As Failures Mount, FDIC 
 Asks Banks to Prepay 

Regulator wants cash upfront through 2013 to avoid emergency credit line

Sep 30, 09 7:03 AM CDT
(Newser) - The FDIC is set to ask banks to prepay three years of fees to replenish its coffers after a wave of bank failures, estimated to cost as much as $100 billion. Banks would be asked to prepay $45 billion of their quarterly assessments, but they wouldn't have to report the... More »

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FDIC • bank failure • financial crisis • Sheila Bair • regulator

FDIC May Borrow Billions From Banks

Tapped-out deposit insurance fund
mulls reverse bailout

Sep 22, 09 6:37 AM CDT
(Newser) - After a year of government bailing out the banks, now the banks may bail out the government. Regulators are considering a plan for the FDIC, which protects bank depositors, to borrow billions from healthy banks, enabling the fund to refresh its accounts after a wave of bank failures. Banks and... More »

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bank • FDIC • bailout • bank failure • deposit insurance • Sheila Bair • Timothy Geithner

FDIC Fund Falls to $10.4B as Banks Struggle

Government will likely have to charge bank fees to replenish it

Aug 27, 09 11:02 AM CDT
(Newser) - The FDIC's fund for protecting bank deposits fell in June to just $10.4 billion—the lowest balance since the savings and loan crisis—all but ensuring that the government will have to levy new fees on banks to replenish it, the Wall Street Journal reports. The fund topped... More »

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FDIC • banking industry • financial crisis • Sheila Bair

(Newser) - Alabama's Colonial Bank has collapsed in the sixth-biggest bank failure in American history, the Wall Street Journal reports. The lender, which had assets of $25 billion and 346 branches in five southern states, was an aggressive mortgage lender in overheated markets like Florida, and its failure will cost the FDIC ... More »

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bank • FDIC • bank failure • financial crisis • deposit insurance • TARP • Colonial Bank

(Newser) - The big banks should rein in the "eye-popping" salaries they pay top execs and shift to a more principles-based rewards system, FDIC chief Sheila Bair tells Bloomberg. Bair, along with House Democrats and New York's attorney general, says if the banks don't change their ways, regulators should set... More »

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executive compensation • Andrew Cuomo • bonuses • FDIC • risky trading • Sheila Bair

(Newser) - The heat is apparently getting to Tim Geithner. At a meeting last week with high-level financial regulators, the treasury secretary indulged in a potty-mouthed diatribe about delays in the administration's highly touted plan to overhaul the regulatory system, declaring, "enough is enough," the Wall Street Journal reports.... More »

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Ben Bernanke • Federal Reserve • SEC • profanity • Treasury Department • FDIC • financial institutions • swearing • Obama administration • Treasury secretary • Sheila Bair • Timothy Geithner • Obama Cabinet • Mary Schapiro • regulator • Securities and Exchange Commission • regulatory body • Neal Wolin

OPINION

Be Very Afraid: Goldman Sachs Is Smiling

High-risk model hasn't changed, could lead to new crisis, says Reich

Jul 15, 09 7:41 AM CDT
(Newser) - Goldman Sachs is back in the black, with trading and stock underwriting revenues at an all-time high—and that should scare you, former Clinton cabinet member Robert Reich writes in Salon. While Goldman's earnings may signal that the current crisis is abating, the bank hasn't modified high-risk strategies that forced... More »

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Wall Street • Goldman Sachs • Robert Reich • FDIC • bailout • risky trading • investment banks • banks • financial crisis • TARP

(Newser) - One of America's biggest commercial lenders is preparing to file for bankruptcy, the Wall Street Journal reports. CIT Group, which lends to about a million small and medium-sized businesses, probably won't be able to make a $1 billion payment due in August and has hired bankruptcy counsel. In the meantime,... More »

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bankruptcy • commercial paper • FDIC • TARP • lenders • CIT Group

'Hot Money' Prompts Small Bank Collapses

Deposits from brokers, used to ignite growth, fueled risky loans

Jul 4, 09 5:49 AM CDT
(Newser) - A boom-time reliance on something known as "hot money" to boost growth has left many of America's small and regional banks with their fingers badly burnt, the New York Times reports. Brokers provided billions in deposits to ambitious banks seeking to grow fast, but the high interest rates needed... More »

MORE ABOUT:
bank • banking • FDIC • Office of Thrift Supervision • bank regulation

INVESTIGATION

 GE Reaps 
 Billions From 
 Bailout Loophole 

Loophole lets company pull down $74B from FDIC

Jun 29, 09 8:09 AM CDT
(Newser) - The biggest beneficiary of the federal government's debt guarantee program, one of Washington's key bank rescue efforts, isn't a bank or a financial services company—it's General Electric, which exploited a loophole it had lobbied aggressively to insert, and reaped billions in bailout money. A joint investigation by ProPublica and... More »

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General Electric • Treasury Department • FDIC • loopholes • bailout • financing • Wall Street bailout

INTERVIEW

Obama Vows 'Light Touch' in Bank Regulation

Oversight measures
aim for 'minimum' to avoid meltdown

Jun 17, 09 6:07 AM CDT
(Newser) - Today Barack Obama will announce a major financial reform package that will give the Fed, Treasury, and FDIC new powers of regulation and oversight. It's the most substantial shift in financial regulations since the 1930s—but stops short of some of the most radical proposals, including tough limits on derivatives... More »

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Barack Obama • Federal Reserve • derivatives market • Treasury Department • regulation • FDIC • financial institutions • bank regulation • banking industry • financial crisis

FDIC May Ditch Public-Private Bad-Assets Plan

Banks in better shape; buyers and sellers remain reluctant

May 28, 09 10:12 AM CDT
(Newser) - The government may scale back or put on hold parts of its controversial, slow-starting plan to get toxic assets off banks’ books, the Wall Street Journal reports. With both buyers and sellers expressing reluctance, and banks looking healthier, the Federal Deposit Insurance Corp will likely delay next month’s scheduled... More »

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Treasury Department • FDIC • Sheila Bair • toxic assets • PPIP

 White House Plans Unified Banking Regulator

New agency would replace hodgepodge of regulators blamed for financial crisis

May 28, 09 4:49 AM CDT
(Newser) - The Obama administration is working on plans to create a single agency to do the work of the mishmash of regulators who failed to see the financial crisis coming, the Wall Street Journal reports. The new agency, which may be proposed to Congress next month, would strip powers from the... More »

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Federal Reserve • FDIC • Office of Thrift Supervision • Office of the Comptroller of the Currency • bank regulation • Obama administration • banking industry • financial crisis

Feds Seize Florida
Bank in $4.9B Bust

BankUnited sold off to private equity consortium

May 22, 09 5:05 AM CDT
(Newser) - Florida's BankUnited went bust yesterday as the FDIC seized the critically undercapitalized bank and sold it off to a private-equity team including Blackstone, reports the Wall Street Journal. BankUnited's troubles stemmed from overeager moves in the housing market. It specialized in loans for foreigners wanting to buy Florida property. After... More »

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Florida • Blackstone • FDIC • bank failure • mortgage defaults • financial crisis • BankUnited

Some Bank Bosses Face Axe: FDIC Chief

After feds' stress tests comes 'evaluation process,' Bair says

May 15, 09 1:00 PM CDT
(Newser) - An “evaluation process” following banks’ stress tests will lead to the sacking of some execs, Federal Deposit Insurance Corp. chair Sheila Bair tells Bloomberg. “Management needs to be evaluated,” she noted. “Have they been doing a good job? Are there people who can do a better... More »

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bank • FDIC • executives • firing • Sheila Bair • stress tests

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